Markets

News Details

( 14/06/2018 10:17)
Markets extend losses; Infosys, SBI shares dip

The key domestic benchmark indices were trading in a negative terrain in the morning trading session as investors digested interest rate hike by the US Federal Reserve that also signalled more hikes ahead.

On the economy front, markets may react to a report from Fitch Ratings which raised India’s growth forecast for 2018-19 to 7.4 percent from 7.3 percent, but cited higher financing costs and rising oil prices as risks to growth.

Also, the RBI said that Current account deficit (CAD) jumped over three times to USD 48.7 billion, or 1.9 percent of the country's GDP, in FY18 from USD 14.4 billion or 0.6 percent in the previous year, driven by higher trade deficit, Also, traders and investors are closely awaiting a series of domestic and global events this week including wholesale price index (WPI) inflation data scheduled to be released today.

On the IPO front, Indian additives maker Fine Organic Industries Ltd has set a price range of Rs 780-783 a share for an initial public offering (IPO) that will open on June 20. Shares of Adani Transmission rose more than 3 percent as company received LoI intra state transmission project in Uttar Pradesh.

At 10:10 a.m the Bombay Stock Exchange bellwether Sensex was trading at 35579.66 down by 159.5 points or by 0.45 per cent, while the NSE Nifty was at 10804.4 down by 52.3 points or by 0.48 per cent.

The BSE Sensex touched an intraday high of 35749.88 and an intraday low of 35572.14 while the NSE Nifty touched an intraday high of 10833.7 and an intraday low of 10800.65.

The top gainers of the BSE Sensex pack were Tata Steel Ltd. (Rs. 571.45,+0.70 per cent), Bharti Airtel Ltd. (Rs. 378.60,+0.66 per cent), Dr. Reddy's Laboratories Ltd. (Rs. 2265.05,+0.58 per cent), HDFC Bank Ltd. (Rs. 2040.10,+0.24 per cent), Sun Pharmaceutical Industries Ltd. (Rs. 546.50,+0.16 per cent), among others.

Meanwhile, Infosys Ltd. (Rs. 1249.70,-2.07 per cent), State Bank of India (Rs. 283.45,-1.46 per cent), Axis Bank Ltd. (Rs. 533.50,-1.16 per cent), Wipro Ltd. (Rs. 266.00,-1.10 per cent), NTPC Ltd. (Rs. 158.60,-1.06 per cent), were among the top losers on BSE.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 1935, shares advanced were 810 while 1034 shares declined and 91 were unchanged.

On the global front, Asian stocks were trading lower after the Federal Reserve raised interest rates and took a more hawkish tone while concerns about US-China trade frictions kept investors on edge, while the Wall Street closed lower in the previous trading session after the US Federal Reserve raised interest rates as expected and projected a slightly faster pace of rate hikes this year.

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